The financial year of R Little ended on 31 December. Annual insurance premiums were paid to the

Question:

The financial year of R Little ended on 31 December. Annual insurance premiums were paid to the insurance brokers at the end of February, for March–February. On 31 December 2020, the balance day adjustment was

$500. Payments to the insurance brokers were:

Prepare the general ledger account for insurance and the relevant balance day adjustment account to 31 December 2024.

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Accounting An Introduction To Principles And Practice

ISBN: 9780170403832

9th Edition

Authors: Edward A. Clarke, Michael Wilson

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Question Posted: Feb 23, 2024 03:01 PM

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The financial year of R Little ended on 31 December. Annual insurance premiums were paid to the

Question:

2021: $4290 ($3900+ $390 GST) 2023: $5214 ($4740+ $474 GST) 2022: $4950 ($4500+ $450 GST) 2024: $5544 ($5040 + $504 GST).

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General Ledger Account for Insurance Date Description Debit Credit Dec 31 2020 Balance Day Adjustmen...View the full answer

Accounting An Introduction To Principles And Practice

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